Dangote Cement, Jaiz Bank Drive Intraday Selloffs in Equities Market
Dangote Cement Plc, Jaiz Bank, and Transcorp Plc are driving the Nigerian Exchange (NGX) all-share index lower due to intraday sell pressures on the tickers. The most capitalised listed stock, Dangote Cement, has just fallen off the cliff in the equities market.
Investors are currently taking profit on some companies stocks amidst the first-quarter earnings festival in the local bourse. The Nigerian Exchange has seen more stocks gaining traction and heading for a strong week close before easy profit-taking on some bellwether stocks on Friday.
Dangote Cement Plc, the most capitalised Nigerian cement company, shares have fallen sharply due to investors exiting their positions. Banking stocks are also trading negative after solid gains in the past three days.
At midday, the NGX All Share Index recorded a decline of -0.61%, Alpha Morgan Capital Limited said in an emailed note, indicating a bearish trend. Stockbrokers attribute the declining NGX index to sell-offs in some mid- to high-capitalized stocks.
The top intraday loser is DANGCEM, down by 10.00%, followed by JAIZBANK, which has lost 4.55%. Other decliners include TRANSCORP (-4.22%), FIDELITYBK (-0.50%), ZENITHBANK (-0.44%), ACCESSCORP (-0.21%), and UBA (-0.15%), among others. #Dangote Cement, Jaiz Bank Drive Intraday Selloffs in Equities Market Treasury Bills Yield Falls by 19bps after CBN Rejects Bids
